Stop! Your Lease Extension in Godstone Could Be FREE

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Many leaseholders in Godstone are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Godstone has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Godstone lease extension

Why you should start your Godstone lease extension today:

A Godstone lease depreciates with the years remaining on the lease.

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Godstone can extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Please think carefully before delaying your Godstone lease extension. Putting off the costs now simply escalates the price you will ultimately be required to pay for a lease extension.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not loan monies with a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending criteria generally - this has extended to the types of security over which the mortgage is to be granted. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. In the past banks would lend on a lease with 25 years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Godstone?

The lawyers that we work with handle Godstone lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Godstone Lease Extension Example Cases:

Madeleine, Godstone, Surrey,

Subsequent to lengthy discussions with the landlord of her ground floor flat in Godstone, Madeleine started the lease extension process just as her lease was nearing the critical 80-year mark. The legal work was concluded in August 2010. The freeholder’s charges were kept to an absolute minimum.

Godstone case:

In 2009 we were e-mailed by Dr Leah Harris who, having took over the lease of a newly refurbished apartment in Godstone in January 1997. The dilemma was if we could approximate the premium could be to prolong the lease by 90 years. Comparable premises in Godstone with 100 year plus lease were in the region of £200,000. The average ground rent payable was £50 billed every twelve months. The lease expired on 2 January 2103. Having 77 years remaining we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus professional charges.

Decision in Croydon

An example of a Freehold Enfranchisement decision for a Godstone flat is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case was in relation to 3 flats. The unexpired term as at the valuation date was 75 years.